MAN 4720 UCF Capstone Midterm with Complete Solutions

MAN 4720 UCF Capstone Midterm with Complete Solutions Competitive Advantage Generating above average returns. Measured relative to other firms. Should rely on a more holistic perspective vs. just using one metric. Strategic Analysis framework AFI Strategy quest to gain and sustain competitive advantage over Companies array of activities vision statement paints a picture of where a company wants to be Balanced Scorecard harnesses multiple internal and external performance metrics in order to balance both financial and strategic goals. USED IN IMPLEMENTATION PHASE strategic management an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantages competitive disadvantage under performance relative to other competitors in the same industry or industry average competitive parity performance of two or more firms at the same level sustainable competitive advantage outperforming competitors or the industry over a prolonged period co-opetition cooperation by competitors to achieve a strategic objective firm effects results of mangers actions to influence firm performance industry effects the results attributed to the choice of industry in which to compete strategic business unit (SBU) a standalone division of a larger conglomerate, with its own profit and loss responsibility business model organizational plan that details the firms competitive tactics and initiatives; how the firm intends to make money bottom of the pyramid the largest but poorest socioeconomic group of the world's population externalities side-effects of production and consumption that are not reflected in the price of a product. crowdsourcing process in which people voluntarily performs tasks they were traditionally completed by a firms employees Stakeholders Individuals or groups who can affect or are affected by the action of a firm. A.F.I. 1.) Analyze 2.) Formulate 3.) Implement organizational values ethical standards and norms that govern the behavior of individuals within a firm or organization. strategic (long range) planning a rational, top down process through which management can program future success; typically concentrates strategic intelligence and decision-making responsibilities in the office of the CEO. scenario planning strategy planning activity